What is a merchant account?
A Wells Fargo Merchant Account enables you to process credit cards, debit cards, gift cards and electronic check transactions. These payment methods are convenient for your customers, and they help you get paid faster. If you have a Wells Fargo deposit account, you can receive your funds as soon as the next business day.
A merchant account is a bank account established by contractual agreement between a merchant/business and a payment processor/bank for the settlement of credit card and debit card transactions. A merchant account enables a business to get money from their customer’s credit card and debit card transcations into their local checking account.
A merchant account is like a bank account that enables your business to accept payments via credit card from your clients and customers, both online and offline. Credit card payments can only be processed through a “merchant account” through a third party credit card processing company, much like MyPaymentServices.com and Authorize.net.
A specific bank account that enables a merchant to accept payment by credit card for goods or services offered through their business. Such credit card payments can only be processed through this type of account. TOP What is an ‘Offshore’ Bank Account? An international bank account, located in another country, which can be used to simply house funds, or to be linked with a businesses Merchant Account in order to receive business revenue. TOP What is an Acquiring Bank? Sometimes referred to as the Processing Bank or the Acquirer, the bank that has the relationship with Visa/MasterCard and other credit card acquirers and at which the merchant account is setup to initially receive funds resulting from credit card transactions of the merchant. Funds are transferred from the Acquiring Bank into the merchant’s bank account weekly. If using a Third Party Merchant Account, it is usually the case that a Processor will be transferring the funds to the merchant’s bank account.
